UPDATED: January 17, 2021 17:29 IST
In the hot seat: Finance Minister Nirmala Sitharaman at
a press conference in November 2020 (Photo: Getty Images)
When Finance Minister Nirmala Sitharaman presents Budget 2021 on February 1, the circumstances that she will do so in will be, without doubt, exceptional. The Covid-19 lockdown last year was an economic earthquake of sorts, comparable to the global financial crisis sparked off by the collapse of Lehman Brothers in September 2008. D.K. Joshi, chief economist at Crisil, says, No other budget compares as closely to the upcoming one as the one that followed the Lehman Brothers crisis. Thanks to the fiscal stimuli rolled out in 2008-09, India emerged rather unscathed from that crisis, though the splurge seeded other problems, including a spate of corporate bankruptcies and mounting bad loans in the following years.
Synopsis
The alliance is enabling more entrepreneurs to use M1xchange, a platform created by the Trade Receivable Discounting System exchange.
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The exchange, which has buyers, financiers, enables MSMEs to get finances by converting their trade receivables into liquid funds on a without recourse basis.
BENGALURU: The Global Alliance for Mass Entrepreneurship (GAME) has taken up a three-pronged strategy to improve the financial stability for micro, small and medium enterprises, as these businesses face a working capital challenge due to delayed payments along with the pandemic-induced slowdown.
The alliance, which works with multiple stakeholders and industry bodies to address issues faced by solo, micro, small and medium businesses, is enabling more entrepreneurs to use M1xchange, a platform created by the Trade Receivable Discounting System (TReDS) exchange.
Synopsis
Invoicemart has helped in price discovery for MSMEs across 486 cities and towns in India who are now able to get their bills discounted from 39 financiers without necessarily having a direct lending relationship with these financiers.
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Apart from creating value for all the participants, the platform is working towards creating awareness for TReDS.
NEW DELHI: Invoicemart, an Axis Bank-backed digital invoice discounting TReDS (Trade Receivable Discounting System) platform is set to record discounting of Rs 10,000 crore worth of invoices. They have funded more than 5,80,000 invoices of MSME vendors, on the platform.
A majority of industries and businesses are now inching back to pre-COVID 19 levels, MSMEs have also started charting their path for recovery. The lockdown has increased technological literacy and given a push to digital adoption among the MSMEs. Supported by their tie-up with more than 760 corporates, CPSE, PSUs, banks and NBFC factors, Invo